Watsco (NYSE:WSO) Price Target Raised to $460.00

Watsco (NYSE:WSO) had its price objective upped by JPMorgan Chase & Co. from $445.00 to $460.00 in a research report report published on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the construction company’s stock.

A number of other equities analysts have also recently commented on WSO. Loop Capital lifted their price objective on shares of Watsco from $450.00 to $460.00 and gave the stock a “hold” rating in a research report on Thursday, February 27th. Morgan Stanley started coverage on shares of Watsco in a research report on Monday, April 14th. They set an “equal weight” rating and a $515.00 price objective for the company. Mizuho set a $490.00 price objective on shares of Watsco in a research report on Thursday, April 24th. UBS Group reduced their target price on shares of Watsco from $475.00 to $455.00 and set a “neutral” rating for the company in a research report on Thursday, April 24th. Finally, Robert W. Baird reduced their target price on shares of Watsco from $560.00 to $540.00 and set an “outperform” rating for the company in a research report on Thursday, April 24th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $486.67.

Watsco Price Performance

WSO stock opened at $445.21 on Tuesday. The company has a fifty day moving average price of $481.57 and a two-hundred day moving average price of $494.65. Watsco has a one year low of $435.58 and a one year high of $571.42. The stock has a market cap of $18.04 billion, a price-to-earnings ratio of 33.60 and a beta of 1.11.

Watsco (NYSE:WSO) last released its quarterly earnings data on Wednesday, April 23rd. The construction company reported $1.93 EPS for the quarter, missing analysts’ consensus estimates of $2.29 by ($0.36). Watsco had a return on equity of 17.59% and a net margin of 7.04%. The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same period last year, the firm earned $2.17 earnings per share. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. Research analysts anticipate that Watsco will post 14.62 EPS for the current fiscal year.

Watsco Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 15th were given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date was Tuesday, April 15th. This is a boost from Watsco’s previous quarterly dividend of $2.70. Watsco’s payout ratio is presently 92.24%.

Institutional Investors Weigh In On Watsco

Several institutional investors and hedge funds have recently bought and sold shares of the company. Avidian Wealth Enterprises LLC lifted its position in Watsco by 1.8% during the fourth quarter. Avidian Wealth Enterprises LLC now owns 1,196 shares of the construction company’s stock worth $567,000 after purchasing an additional 21 shares during the period. Centennial Wealth Advisory LLC lifted its position in Watsco by 3.0% during the fourth quarter. Centennial Wealth Advisory LLC now owns 754 shares of the construction company’s stock worth $358,000 after purchasing an additional 22 shares during the period. M&T Bank Corp lifted its position in Watsco by 1.4% during the fourth quarter. M&T Bank Corp now owns 1,686 shares of the construction company’s stock worth $799,000 after purchasing an additional 23 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in Watsco by 0.3% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,692 shares of the construction company’s stock worth $3,645,000 after purchasing an additional 23 shares during the period. Finally, Meiji Yasuda Asset Management Co Ltd. lifted its position in Watsco by 1.2% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 1,949 shares of the construction company’s stock worth $924,000 after purchasing an additional 23 shares during the period. Institutional investors own 89.71% of the company’s stock.

About Watsco

Watsco, Inc, together with its subsidiaries, engages in the distribution of air conditioning, heating, refrigeration equipment, and related parts and supplies in the United States and internationally. The company distributes equipment, including residential ducted and ductless air conditioners, such as gas, electric, and oil furnaces; commercial air conditioning and heating equipment systems; and other specialized equipment.